If you are about to crowdfund you should know with a level of certainty who your crowd are going to be, or are you standing alone? Don't worry, read on...
The #precrowd is a term that references the stage before you launch your pitch on a crowdfunding platform. It's essentially pre-crowdfunding - engaging with the crowd ahead of your pitch launch and growing a database of potential backers you can contact on the day of your launch. This process is a great way of testing demand, refining your pitch and building a list of investor FAQs amongst other things.
The single most important benefit of a #precrowd campaign is the awareness and momentum it creates ahead of your crowdfunding pitch launch. Plan on and offline activity that increases in volume in the lead up to the pitch launch date. Too much too early and you'll see potential backers in your network hit the unsubscribe/unfollow button. If the frequency isn't there closer to your launch date potential backers can forget about you and why they were interested in the first place. You want everybody to be caught up in the excitement so it's definitely worth saving the best til last (or in this case the last week or two ahead of your pitch launch date).
The first week your crowdfunding pitch goes live is critical. Raise the first 20% here and give yourself almost a 90% chance of successfully hitting your funding target.
Probably one of the best examples of a business putting the #precrowd to work was with Mondo on Crowdcube who raised £1m from 1861 investors in 96 seconds early in March 2016. Not surprisingly this was the fastest crowdfunding raise of all time, but was it really? In fact Mondo had built up a database of 44,000 to market their crowdfunding pitch to over more than a 6 month period.
So if that doesn't demonstrate the power of the #precrowd I don't know what will.
There are lots of different #precrowd building tricks that can be great for some crowdfunding campaigns and not so good for others plus some key basics that should always be followed.
More articles on the #precrowd will follow this one over the coming months but please do get in touch if you're about to crowdfund and you still don't know who your crowd is.
WE CAN FIND YOUR CROWD: Click here to email the CFW Team